Small Commercial vs Large Commercial Methodologies – the Realities of Assessment

While the income approach is most appropriate for income-generating properties, even owner-occupied properties have the potential to be leased, and can generate notional rentals for the businesses that occupy them. However, the realities of the industry illustrate challenges with collection and validation of the data as well as a need for clear policies and procedures to ensure equity in valuation amongst similar properties. While all approaches should lead you to a reasonable indication of market value, what questions should the assessor be asking? How do we validate the results? Where are the opportunities for improvement? This would be a more theoretical discussion of common challenges that everyone is experiencing and suggestions for a way forward, rather than a discussion of how things are done internally.